ROTARY CLUB

Wairarapa Daily Times, 18 August 1933, Page 2

ROTARY CLUB

A N INTERESTING ADDRESS. At their luncheon yesterday, members of the Masterton Rotary Club heard an address of practical interest and value by Rotarian P. W. Jackson on “ Cheques.’ ’ Mr. Jackson dealt with his subject in considerable detail and conveyed a great deal of useful information. He instanced various example of the misuse of cheques and had a good deal to say about the precautions that might be taken against frauds of this kind, by strict care on the part of the drawer and in other ways. The imprinting of words and figures on cheques was a protective measure that should be used more widely by business firms. A post-dated cheque, Mr Jackson observed, was frequently issued in lieu of a promissory note, in order to avoid the ad valorem stamp duty. If such a cheque w r ere negotiated, he thought it questionable if it should not be subject to stamp duty. He could not say if any cases involving this point had been decided in the New Zealand Courts. In any event, these cheques appeared, in many cases, to be accepted readily without comment. In Australia, a cheque might be post-dated up to 21 days, but if for any longer period it was subject to ad valorem stamp duty. If it were not so stamped, the drawer was liable to a penalty. Mr Jackson dealt at length with the crossing and the endorsement of cheques and with the circumstances in which payment might legally be refused. Considering the mutiplicity of transactions passing daily through the banks, he asked finally, was it astonishing that the errors made were so few? On concluding, Mr Jackson was accorded a hearty vote of thanks for his very interesting and instructive ad- 1 dress. :